Potential Las Vegas homeowners could pay more in mortgage interest than the actual value of a home right now, according to a new study.
The Las Vegas Valley ranks as the 26th top city in the country where interest rates would require the most money, according to a Clever Real Estate study. This means for the median home sale price in the valley, approximately $445,000, a buyer could end up paying $456,589 in lifetime mortgage rate interest.
That’s at the current rate of a 30-year fixed-term mortgage, about 6.53 percent — one of the highest mortgage rates in decades. It’s also on top of putting 20 percent down, the study says.
This would work out to a monthly payment of around $2,257 on a $356,000 loan. The study noted this was not the case a few years ago when the COVID-19 pandemic bottomed out the economy and rates along with it.
“At 2021’s 2.96 percent rate, the same buyer would have paid $181,567,” reads the report. “Over 30 years, that compounds to $275,022 less in lifetime interest than at today’s rate on the same Las Vegas home. Nationally, today’s buyers pay $249,188 more in lifetime interest than 2021 buyers did on the median home.”
The report uncovers a staggering truth about the American housing market today in 2026.
“A buyer financing the median-priced U.S. home at today’s 6.53 percent mortgage rate will pay $413,700 in interest over a 30-year loan, $10,500 more than the home itself costs,” reads the report. “That is $249,188 more than if 2021’s 2.96 percent average rate applied today. By the end of the loan, today’s home buyers will have paid more than twice the home’s price: once for the house and again in interest.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
